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Pork, corn, wheat export sales up on week

The USDA reports the week ending November 17^th was a big week for corn and pork export sales. Corn sales for this marketing year topped 1.8 million tons, the second week in a row above a million, nearly all of that to Mexico, with more than 600,000 tons also sold for next marketing year. Pork was reported at 45,800 tons, more than 20,000 above last week, primarily to Mexico and Japan. Wheat, rice, and soybean meal were also up solidly on the week. Soybeans fell sharply with much lower demand from China and beef was below a week ago, while sorghum, soybean oil, and cotton all saw net reductions. Export trade is impacted by several factors, including currency movement and seasonal shifts in demand. The USDA’s next set of supply and demand estimates is out December 9^th.

Physical shipments of soybeans were more than what’s needed to meet projections for the current marketing year. The 2022/23 marketing year started June 1^st for wheat, August 1^st for cotton and rice, September 1^st for beans, corn, and sorghum, and October 1^st for soybean products. The marketing year for beef and pork is the calendar year.

Wheat came out at 511,800 tons (18.8 million bushels). Iraq purchased 200,000 tons and the Philippines bought 58,000 tons. Nearing the start of the second half of the 2022/23 marketing year, wheat exports are 488.5 million bushels, compared to 523.2 million in 2021/22.

Corn was reported at 1,850,300 tons (72.8 million bushels). Mexico picked up 1,704,700 tons and Saudi Arabia purchased 49,800 tons. Close to the end of the first quarter of the marketing year, corn exports are 698.8 million bushels, compared to 1.355 billion this time last year. Sales of 628,100 tons (24.7 million bushels) for 2023/24 delivery were to Mexico.

Sorghum had a net reduction of 2,100 tons (-100,000 bushels), China bought 51,100 tons and Mexico picked up 200 tons, but unknown destinations canceled on 53,000 tons. Sorghum exports are 13.9 million bushels, compared to 147.6 million a year ago.

Rice sales were 87,100 tons. Nicaragua purchased 25,000 tons and Honduras bought 20,000 tons. Rice exports are 745,000 tons, compared to 1,327,100 last year.

Soybeans were pegged at 690,100 tons (25.4 million bushels). China picked up 715,200 tons and the Netherlands purchased 177,500 tons, while unknown destinations canceled on 563,300 tons. So far, this marketing year, soybean exports are 1.345 billion bushels, compared to 1.327 billion a year ago. Sales of 10,000 tons (400,000 bushels) for 2023/24 delivery were to Japan.

Soybean meal came out at 516,400 tons. The Philippines bought 99,200 tons and Ecuador picked up 90,800 tons. For the marketing year to date, soybean meal exports are 4,923,800 tons, compared to 5,280,700 last year. Sales of 17,100 tons for 2023/24 delivery were to Canada.

Soybean oil had a net reduction of 100 tons. Mexico purchased 1,100 tons, but Canada canceled on 1,100 tons. Cumulative soybean oil exports are 32,600 tons, compared to 253,800 a year ago.

Upland cotton had a net reduction of 116,400 bales. Sales of 400 to 7,500 bales were more than offset by cancellations ranging from 400 to 109,500 bales. 2022/23 upland cotton exports are 8,684,500 bales, compared to 8,970,400 in 2021/22. Sales of 12,300 bales for 2023/24 delivery were to Turkey (11,000 bales) and Pakistan (1,300 bales).

Net beef sales totaled 12,900 tons. The reported buyers were South Korea (4,600 tons), China (4,100 tons), Japan (1,700 tons), Mexico (900 tons), and Canada (800 tons), with cancellations by Taiwan (300 tons) and Indonesia (100 tons). Shipments of 17,300 tons were mainly to South Korea (4,700 tons), Japan (4,200 tons), China (3,100 tons), Mexico (1,600 tons), and Canada (1,300 tons). Sales of 4,000 tons for 2023 delivery were primarily to South Korea (1,800 tons), Taiwan (700 tons), Japan (500 tons), Mexico (500 tons), and China (300 tons).

Net pork sales totaled 45,800 tons. The listed purchasers were Mexico (18,200 tons), Japan (10,200 tons), Canada (4,100 tons), Australia (3,900 tons), and South Korea (3,300 tons). Shipments of 33,200 tons were mostly to Mexico (16,300 tons), China (5,000 tons), Japan (3,300 tons), Canada (2,400 tons), and South Korea (2,200 tons). Sales of 4,400 tons for 2023 delivery were mainly to Canada (2,900 tons), Mexico (600 tons), Australia (400 tons), Japan (200 tons), and the Dominican Republic (100 tons).